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IPIC vies for refinery projects
10 August 2010: The Abu Dhabi Government owned International Petroleum Investment Company (IPIC) is studying plans for five refineries worldwide with a total investment of $20 billion (approx Rs 92,000 crore).
IPIC is eyeing refinery projects in United Arab Emirates' Fujairah, Morocco, Oman, Pakistan and Jordan, either alone or with partners. The plans include a potential investment in Jordan Petroleum Refinery Company, which is looking at a $2 billion (approx Rs 9,200 crore) revamp of its refinery in Al Zarqa area. The firm had begun to study the projects in 2006 but had put the plans on hold at the end of 2008 when the global financial crisis hit.
Source: Arabian Business